The top-performing China hedge fund has piled back into property shares, reviving a trade that propelled it to a 46 percent gain in the second half of 2014.

Marco Polo Pure Asset Management has been buying developers, including Poly Real Estate Group Co and Beijing Capital Development Co.

That same trade helped drive the fund's gain in 2014 as China's interest rate cut in November sent the Shanghai Property Index to a 60 percent surge through Jan 5, according to Aaron Boesky, Marco Polo's chief executive officer in Hong Kong.